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Become a homeowner in Cape Coral right away

Cape Coral is seeing a steady and gradual upswing this year. If you are looking to cash in on appreciation values, then now is the time. The houses that are available to buy can suit various types of buyers from young professionals to retirees. Amenities like public spaces, roads and parks are placed in a way that is easy to navigate and get acquainted with. The natural beauty that surrounds the cape, seated at the mouth of a river is unmistakable; life here is slow and leisurely.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.

Cape Coral can be the perfect city for you

Build your home here today

Numerous properties in the Cape are designed to be connected to a canal. If you like water features and maybe even have a small boat, you can actually navigate through a lot of them like they were roads. New developments in this city are at a slow down, but you can always find a house on sale here. They are also surprisingly affordable coming in at a little less than $200,000 on average according to Trulia. The population here almost exclusively travels by car, there is no public transportation here. There are a number of public and private schools in the neighborhoods that are highly rated. You are likely to find a school within a few minutes drive from anywhere in the city. If you are not keen on waterfront properties, the city has a long list of neighborhoods that are properly planned and executed, away from the canals.
Tampa, Florida, USA downtown city skyline over the Hillsborough River.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

The best mortgage rates in Cape Coral

Low rates, easy process, high savings

Home buyer If you are a first time prospective home owner, you are sure to know how much your credit score can affect mortgage rates. Mortgages are based on why you need the loan, the area, your down payments, price of the house and a list of other factors. At Earnest, we go through not only your credit score but also create a unique financial profile. There is even a discount for veterans. Start looking for a home in the Cape right away! Refinancing mortgage Refinancing is a great option for you if you live in Cape Coral. You can make good use of the appreciation on home values and get a better deal on the mortgage. With a positive refinance option, you can save a good amount of money that can be pumped back into the house on improvements. Earnest can identify a great deal for you and show you in real time the depth of your savings.
Two small boys playing with snorkel gear on a beach - one African American one Caucasian. John Pennecamp Park, Florida Keys.

Common Questions About Cape Coral Mortgage Rates

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

People around a computer

The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.